IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
FRIDAY, THE 24TH DAY OF JUNE 2022 / 3RD ASHADHA, 1944
WP(C) NO. 18857 OF 2022
PETITIONER:
SURAYYA
AGED 45 YEARS,D/O MOHAMMEDALI,
NALAKATH HOUSE, CHEMBAKUTHU,EDAVANNA P.O,
ERNAD TALUK MALAPURAM DISTRICT, PIN - 676541.
BY ADV P.P.BIJU
RESPONDENT:
THE AUTHORISED OFFICER
ICICI BANK LTD,
PEEKEYS ARCADE, NEAR BUS STAND,
DOWN HILL, MALAPPURAM, PIN - 676519
OTHER PRESENT:
SRI. PRADEESH CHACKO (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
24.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P (C) No.18857/2022 -2-
JUDGMENT
Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the Securitisation Act) for recovery of the amounts due in respect of a vehicle loan availed by the petitioner.
2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account.
3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the overdue amount is Rs.5,92,462/-. It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept repayment of the overdue amount in limited instalments and regularise the loan account.
4. I have heard the learned counsel for the petitioner as well as the learned Standing Counsel for the respondent Bank.
5. Having regard to the facts and circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above and considering the fact that this is a vehicle loan and also taking into account the fact that the petitioner has undertaken to clear off the overdue amount along with regular EMIs, I am of the view that the petitioner can be granted an opportunity to clear off the overdue amount in ten (10) equal instalments first of which shall be paid on or before 15-07-2022 and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised. W.P (C) No.18857/2022 -3-
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.5,92,462/- along with bank charges from the petitioner and regularise the loan account of the petitioner on the following conditions:
(i) The overdue amount of Rs.5,92,462/- together with any accrued interest and charges shall be repaid in ten equated monthly instalments.
(ii) The first instalment shall be paid on or before 15-07-2022 and the subsequent instalments shall be paid on or before 15 th of every succeeding month.
(iii) Petitioner shall continue to pay the regular EMI's along with the instalments directed above.
(iv) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.
(v) In order to enable the petitioner to repay the entire amounts, further coercive proceedings shall be kept in abeyance. If the petitioner pays a total sum of Rs.2,50,000/- either by way installments as above or upfront, the vehicle of the petitioner which is now in the possession of the respondent bank shall be released to him. It is made clear that the petitioner shall not alienate or encumber the vehicle in any manner. I am inclined to issue this direction taking into consideration of the submission of the learned counsel for the petitioner that the petitioner will be able to generate income only if W.P (C) No.18857/2022 -4- he is allowed to use the vehicle and despite the vehement objection of the learned standing counsel for the respondent bank. It is made clear that if the petitioner commits defaults of any of the installments, the petitioner shall surrender the vehicle to the bank without any demur.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE AMG W.P (C) No.18857/2022 -5- APPENDIX OF WP(C) 18857/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF NOTICE DATED 29.09.2021 ISSUED BY THE RESPONDENT Exhibit P2 TRUE COPY OF THE NOTICE DATED 18.05.2022 ISSUED BY THE RESPONDENT TO THE PETITIONER Exhibit P3 TRUE COPY OF THE ORDER DATED 03.02.2022 ISSUED BY THE HON,BLE CHIEF JUDICIAL MAGISTRATE, MANJERI Exhibit P4 TRUE COPY OF THE REQUEST DATED 23.05.2022 SUBMITTED BY THE PETITIONER TO THE RESPONDENT